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AES Eastern Energy L.P. Jul 10
Standard & Poors, July 2010
Abstract
The rating on U.S. electricity generator AES Eastern Energy L.P.'s (AEE) $550 million pass-through certificates due 2029 and its $75 million revolving credit facility bank loan is 'BB'. The '1' recovery rating (indicating very high (90%-100%) recovery of principal if a payment default occurs) on the debt is unchanged. The outlook is negative. We lowered the rating to 'BB' on July 9, 2010 after our review of AEE's financial performance through the first half of 2010. Negative pressures on AEE's credit profile have escalated from a change in hedging policy that has increased the project's merchant exposure. Due to of declining market prices, AEE's debt service coverage ratio (DSCR) has continually declined over the past year as dark spreads witnessed...
Companies mentioned in this report are: AES Eastern Energy L.P.,Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,AES Corp. (The),AES Gener S.A.,AES China Generating Co. Ltd.,C.A. La Electricidad De Caracas ,AES Ironwood LLC,AES Red Oak LLC,AES Sul Distribuidora Gaucha de Energia S.A.,AES CHIVOR & CIA S.C.A. E.S.P.,AES Dominicana Energia Finance S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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